Apartment Investment and Management Company (AIV)

Industry: REIT - Residential Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
KMP-UN.TO	22	Killam Apartment R	277	4.39	3.68	19.13	17.41	16.71	17.43
CSR-PC	23	Centerspace	273	-	-	13.31	12.57	4.89	12.57
UMH	24	UMH Properties, In	257	52.45	52.45	11.86	9.72	27.51	27.71
MRG-UN.TO	25	Morguard North Ame	256	6.80	7.44	13.68	11.92	10.32	9.88
NXRT	26	NexPoint Residenti	251	-	-	4.03	3.86	27.21	27.83
BRG	27	Bluerock Residenti	234	-	-	10.89	9.49	24.47	35.00
IRES.IR	28	Irish Residential	201	-	-	10.17	7.57	10.00	7.64
AIV	29	Apartment Investme	194	4.52	4.06	24.96	36.84	-	275.04
IIP-UN.TO	30	InterRent Real Est	181	-	-	-	-	21.35	19.75
3459.T	31	Samty Residential	163	11.58	11.58	13.97	13.97	12.85	19.67
CLPR	32	Clipper Realty Inc	154	-	-	3.71	4.03	3.81	27.32
MI-UN.TO	33	Minto Apartment Re	113	11.40	13.51	12.74	12.55	15.84	19.47
HOM-U.TO	34	BSR Real Estate In	110	-	-	35.49	35.49	11.13	13.19
8979.T	35	Starts Proceed Inv	98	10.21	8.98	11.90	10.68	14.07	14.96
4342.SR	36	Jadwa Investment -	98	7.23	7.23	6.30	6.30	9.41	8.15
BRT	37	BRT Apartments Cor	96	-	-	18.50	18.50	-	151.01

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.23	7.44	11.88	10.20	11.99	17.43
Full Range Median Multiple	10.21	8.98	12.32	11.30	13.46	19.47
Industry Multiple	14.87	14.98	13.26	12.43	14.97	27.44
Market Implied Multiple	3.39	3.04	15.06	22.24	-	166.00
Company (AIV) Multiple	4.52	4.06	24.96	36.84	-	275.04
(*) Net Income / EBITDA / Revenue	244	271	28	19	-22	3
Winsorized Enterprise Value	N/A	N/A	332	193	-264	44
Full Range Median Enterprise Value	N/A	N/A	344	214	-296	49
(-) Net Debt	-404	-404	-404	-404	-404	-404
Winsorized Equity Value	1,762	2,016	736	597	140	449
Full Range Median Equity Value	2,489	2,433	749	618	108	454
(/) Shares Outstanding	139	139	139	139	139	139
Winsorized Fair Value	$12.68	$14.51	$5.30	$4.30	$1.01	$3.23
Full Range Median Fair Value	$17.91	$17.51	$5.39	$4.45	$0.78	$3.27
Current Price	$5.94	$5.94	$5.94	$5.94	$5.94	$5.94
Upside / Downside	113.49%	144.23%	-10.78%	-27.61%	-82.99%	-45.65%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.88	$10.15	$3.71	$3.01	$0.71	$2.26
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy